Summary by Moomoo AI
Vale SA, through its wholly owned subsidiary Vale Overseas Limited, has announced the pricing of its cash tender offers for notes due in 2036 and 2039, following press releases on June 25 and July 9, 2024. The offers, which are subject to terms and conditions detailed in the June 25 offer to purchase, aim to buy back up to a maximum aggregate principal amount of $500 million of the outstanding notes. The total consideration for notes tendered by the early tender date of July 9, 2024, includes an early tender payment, and the purchase price is determined by a fixed spread plus the yield-to-maturity of the applicable U.S. Treasury Security. Due to the oversubscription, only a portion of the 2036 and 2039 notes will be purchased, with none of the 2034 notes being accepted. Payments for accepted notes will be made on July 11, 2024, with the offers expiring on July 24, 2024. Vale has appointed BMO Capital Markets Corp., Citigroup Global Markets Inc., and other financial institutions as dealer managers for the transaction.